For those with experience...

Paying for College
21

<p>lindalana,</p>

<p>Yes, usually the only way out of an ED commitment is due to financial considerations, and sometimes only to go to State U.</p>

<p>OP, I would definitely call the Brown fin aid office and see why the aid package was ungenerous. Also, be aware that they may alter the package after they see you 2005 tax returns. I have a son at Brown, and also they did not initially take into account medical bills and health insurance premiums. The two things together (tax returns and health costs) resulted in an EFC $3,000 lower than originally stated. It is worth checking.</p>

22

<p>I am still wondering if the family checked any calculators ahead of time...this is every family's worst nightmare, in and cannot afford it, but is it "bad" aid or "bad planning"</p>

<p>There are EFCs which are not responsibly affordable due to personal circumstances....one thing I saw in private schools was that, maybe I could have found a way to do the EFC, but then, when the remainder of the aid was half loans, the overall package was simpy irresponsible. Loans in addition to a high EFC may not be the smart choice.</p>

<p>I am very curious to know if the Brown package matches the online calculators we all use??</p>

23

<p>Thanks for all the advice, we're going to try everything.</p>

<p>We used the Estimated EFC Calculator on collegeboard.com before I sent in my application- it estimated our EFC to be a little more than $8,000, which is a perfectly reasonable number for us. It is this that led me to believe we could afford Brown with the slim chance that I actually got in.</p>

<p>Our adjusted gross income for 2004 was actually around -$7,000, and my father has a business, but its currently worth around $0. The one thing, I believe, that is causing the high EFC is my father's stocks in the stock market. Nonetheless, we have over $100,000 in loans already.</p>

24

<p>I think the stocks are probably calculated as income, and they probably calculated some worth to the business whether or not it made a profit</p>

25

<p>I think this situation has come up before on CC
look at both the institutional and the federal methodology calculator on finaid.org-
if you calculated your EFC to be $8,000 there is something messed up someplace
but if your income is actually less than zero- the school will probably want info on how you met living expenses.</p>

26

<p>FWIW, Brown uses the Consensus Methodology for financial aid, common to the schools in the 568 President's Group. For an thorough look at their financial aid philosophy, check the following link:
<a href="http://www.568group.org/docs/index.html%5B/url%5D"&gt;http://www.568group.org/docs/index.html&lt;/a&gt;&lt;/p>

27

<p>
[quote]
The 568 Group will strike a middle path between FAFSA and the College Board by capping the home equity available to pay for tuition at 2.4 times the family's income and asking the family to spend no more than 5 percent of available assets–including the student's savings.</p>

<p>The bottom line for applicants to the class of 2007: Students who show the greatest need under financial guidelines while convincing colleges that they'll bring something special to the campus will most likely receive generous offers. Average and even above-average students from middle-class families who don't stand out will probably get less.

[/quote]
</p>

<p>Something isn't making sense- unless htere is an awful lot of money in stocks and other assets</p>

28

<p>One other thing that has not been mentioned is the effect of outside scholarships... I don't specifically about Brown, but at many schools an outside scholarship reduces the need portion first. The EFC part that the parent/family pays is pretty much fixed. </p>

<p>I know this is not helpful to the op, but this information may be useful to someone else relying on fin aid, and thinking they might reduce the EFC through outside scholarships.</p>

29

<p>although if you can get the outside scholarships to replace the part of your aid that is through loans or even work study you will still come out ahead :)</p>

30

<p>Brown's policy regarding outside scholarships: </p>

<p>Outside scholarships can be used to reduce some, but not all, of the following: </p>

<p>Loan Award
Work Award
Student Contribution from Income</p>

<p>While the above is a basic explanation of our Outside Scholarship Policy, it is important that you understand how it actually works. We have provided a few tips that may help stretch your outside scholarship dollars a bit further. </p>

<p>Each student is expected to make a contribution to their academic year costs through borrowing a loan, working during the academic year, and/or contributing from their summer earnings. Outside scholarships cannot replace your entire expected contribution. Therefore, when you reduce the components of your package listed above, you cannot reduce the entire student expectation, or what we call self-help (loans, work-study and summer earnings). A minimum expectation is set for all students. </p>

<p>Brown’s minimum self-help expectation is reevaluated each year. For the 2005-2006 academic year, the minimum expectation is as follows:</p>

<p>Freshmen $2,150
Sophomores $2,600
Juniors $2,600
Seniors $2,600 </p>

<p>An outside scholarship could reduce you down to the minimum of $2150 (depending on the amount of the scholarship). However it cannot reduce your parents EFC.</p>

<p><a href="http://financialaid.brown.edu/Cmx_Content.aspx?contentId=69&mode=0&cpid=69#outs%5B/url%5D"&gt;http://financialaid.brown.edu/Cmx_Content.aspx?contentId=69&mode=0&cpid=69#outs&lt;/a&gt;&lt;/p>

<p>I really hope that you don't see your situation as hopeless. Be reminded that your parents EFC is pretty much going to be the same regardless of the school which your apply to (It may vary, but it won't be by much). You will really have to sit down and talk with your parents about what they feel a brown education is worth. If they have to pay out of pocket anyway, they may want to pay for a less expensive option.</p>

<p>Some of the things you can do is to apply for outside scholarhips to reduce some of your debt. Look over your budget for any "leaks" (money that you could channel into savings for college). If you are working, save as much as you can try to take on extra shifts if possible. Also look into oportunities where you can earn scholarship money for community service (ex: americorps). </p>

<p>all the best</p>

31

<p>On parents EFC, there could be vast differences between schools using FAFSA & Profile, if one has home equity. Also, it can depend on the various schools policies...including ability to replace loans/work study vs grants with outside scholarships.</p>

32

<p>Addicted - I'm in a very similar situation (accepted ED, having issues with financial aid package etc). My parents met with the financial aid people and are in the process of sending in more information. The financial aid people have been very understanding and helpful so far and seem to be willing to re-evaluate the situation. So, if you haven't already, I would definitely reccomend that you have your parents contact the school. Hope things are working out!</p>